Do You Find Yourself Looking For Any Bit Of Positive Steel News ?
Here is a great article from Nick at AIM finally someone in the steel industry with a good attitude and NEWS ! I appreciate his analysis on scrap and the steel industry.
” It’s been said, “there’s no such thing as bad weather, only unsuitable clothing.” I think the same could go for information. There is no negative information, just negative interpretations of it “
The Good News:
Nucor announces $50 a ton steel sheet price increase
The first sheet price increase since March happened a little over a week ago. Hey, I have no idea if people are actually going to pay this increase, but we are here to focus on the positives. The worst is behind us.
This is a fact. We’ve seen price drops of over $700 for HRC and over $300 for busheling. If that happened again HRC would be $40 a ton. So technically, yeah, the worst has already happened!
Forward curves have turned positive
The forward curves have had nothing nice to say about the fate of HRC and busheling this year. Both are indicating
August levels are a bottom for both contracts.
The year is over half over
